Searching for your next home is always a major challenge, especially when you don’t know where to start. There are so many different factors to consider which can easily make or break a home, which sometimes causes some people to even delay their moves. However, by looking at some of the most important factors, a person can properly locate a home they will love for years to come.
Should You Rent or Buy a Home?
First and foremost, the immediate question anybody needs to consider is whether they are looking to rent or buy a home. Buying a home requires a hefty down payment up front and comes with, typically, a higher mortgage payment than rent payment, but a homeowner has the luxury of building equity in their home. However, renters have more freedom to pick up and go if they dislike an area, and they can also save money in the short-term as compared to buying.
Determine which is better for you be evaluating your own personal financial situation and looking at your long-term goals for seeking a home. If you are planning on having a family in the near future, as an example, then renting until you are ready to settle somewhere larger may be the better choice. For those who seek a rental property, ensure the Denver Rental Inspection group has approved the property.
Top Considerations When Looking for a Home
Regardless of whether buying or renting a property is the best choice for you, use the following considerations to narrow down your options when looking for a new home:
1. The location of the potential home
In the real estate market, few things are as important as location when it comes to the tangible and intangible value of a home. Boasting features such as being close to a shopping mall, within proximity of multiple different schools, having plenty of restaurants, and more are all positive location aspects. However, being located right next to a freeway entrance or in a high-traffic area would be considered a poor location.
2. The neighborhood and areas near the home itself
Diving a little deeper into location, consider the actual neighborhood and surrounding area of the home that you are looking for. Look at other properties as you drive up to the home you are interested in to see if they are maintained or to see if the area seems appealing in nice. As you drive around, look at the streets to see if they are kept clean and peek at sidewalks to ensure that your new potential city cares about appearances.
3. The current state of the real estate market
Currently, the 30-year mortgage interest rates are just above 6%, but the keyword there is ‘currently’. Factor in the current state of the real estate market into your decision, especially when weighing whether to buy or rent, prior to settling on a home. It may be in your best interest to wait for prices to fall in the future for both renting and buying.
4. The potential resale value of the home
Some people set out to purchase a home with the intent to flip it and sell it for more than they bought it. Assuming you are a part of this group, you should consider everything you want to do to the home when you renovate, but also look at what it currently offers. If it requires too much work to get it ready to flip, then consider avoiding purchasing for this purpose.
5. The current age of the property
When looking at a home, you need to take into account the age of the property you are looking at. Older homes will inevitably require more maintenance than newer homes due to the fact that appliances begin to age and construction begins to wear down. For those looking to renovate things in the home, it may be more expensive as you could be required to completely tear out old aspects of the home.
Find your dream home today
No home will be exactly right for the same two people. All that matters at the end of the day is that you love the home you choose for yourself as well as the location it is in. Whether you eventually plan to sell your home or are just looking for a spot to settle down, use all of the above factors to find the home you’ve been dreaming about for years.